Tax Season Simplified: 2024 Filing Tips for Realtors and Self-Employed Individuals

Tax season is upon us, and if you’re a realtor or self-employed individual, now is the time to take control. Filing taxes doesn’t have to be overwhelming, and with some smart preparation, you can save time, reduce stress, and even keep more money in your pocket. Ready to get started? Let’s break it down into manageable steps.

Step 1: Get Organized (Your Future Self Will Thank You)

The key to a smooth tax season is organization. Gather the paperwork and documents you’ll need now to avoid last-minute stress. Here’s a checklist to help you get started:

• Income Records: Pull together 1099s, W-2s, or any documentation of income earned in 2024.
• Business Expenses: Collect receipts for deductible expenses, such as marketing costs, travel, or home office use.
• Property or Asset Documents: If you bought or sold property or invested in new equipment, keep those records handy.
• Retirement and Investment Statements: Include any contributions or earnings tied to IRAs or other accounts.

By creating a system to track and store these documents, you’ll eliminate unnecessary headaches and reduce the chances of missing deductions.

Step 2: Know That Tax Laws Change—Get Professional Help

Tax rules are constantly evolving, and even small changes can impact how much you owe or save. While it’s tempting to go it alone, seeking guidance from a tax professional or financial planner can make a world of difference.

Professionals can:

• Help you navigate tax updates that affect your situation.
• Ensure you’re claiming all eligible deductions and credits.
• Provide peace of mind that your filing is accurate and thorough.

Think of this as an investment in yourself. A professional who understands the nuances of self-employment or real estate taxes can often uncover opportunities you may not even know exist.

Step 3: Maximize What You Can Before Filing

Even though 2024 is in the rearview mirror, there are still some actions you can take to optimize your tax return before the April 2025 deadline:

1. Boost Your Retirement Contributions: You still have time to contribute to retirement accounts like a Traditional IRA or SEP IRA for 2024. These contributions not only grow your savings but could lower your taxable income.
2. Review Your Income and Expenses: Take a close look at your financial records to ensure everything aligns. This is your chance to catch errors, identify missed deductions, and ensure your filing is accurate.
3. Get Ahead with Expert Advice: Unsure how tax changes or specific deductions apply to you? Schedule a meeting with a tax expert to discuss your situation. They’ll help you uncover strategies tailored to your needs and ensure nothing is overlooked.

Looking Ahead: Simplify Tax Season in 2025

Once you’ve tackled this year’s taxes, take a proactive approach to stay ahead:

• Keep Records Year-Round: Set up a system for tracking income and expenses as they happen. This way, you’re not scrambling at year-end.
• Regular Check-Ins with a Professional: Quarterly reviews with a financial planner or CPA can help you stay on track and adapt to changes as they happen.
• Plan for Next Year: Consider setting up automated savings or retirement contributions so you’re always prepared to take advantage of tax-saving opportunities.

Final Thoughts

As a realtor or self-employed professional, tax season is a time to ensure your hard work pays off—not just in commissions, but in maximizing your financial efficiency. With the right preparation and expert support, you can breeze through filing, reduce your tax burden, and set yourself up for long-term success.

Why wait? Start organizing today, seek the right guidance, and make this tax season your smoothest yet. Here’s to keeping more of what you earn!